Stan Kroenke has made a cash offer to buy Arsenal outright, valuing the club at around £1.8bn after securing the backing of minority owner Alisher Usmanov.
The American billionaire currently owns 67 per cent of the club through his company Kroenke Sports & Entertainment.
He has now offered to purchase the remaining 30 per cent held by Usmanov's Red and White Securities firm.
In a statement published on the London Stock Exchange, Kroenke said: "We at KSE are moving forward with this offer leading to 100 per cent ownership of the club.
"We appreciate Mr Usmanov's dedication to the Arsenal Football Club and the storied ethos and history the club represents."
The Supporters' Trust replied in a statement: "This news marks a dreadful day for Arsenal Football Club.
"Stan Kroenke taking the club private will see the end of supporters owning shares in Arsenal and their role upholding custodianship values.
"The AST is also extremely concerned to note that this purchase is being funded by a loan.
"The most dreadful part of this announcement is the news that Kroenke plans to forcibly purchase the shares held by Arsenal fans.
"Many of these fans are AST members and hold their shares not for value but as custodians who care for the future of the club.
"Kroenke's actions will neuter their voice and involvement. It is in effect legalised theft to remove shareholder scrutiny on how Arsenal is managed.
"The AST is wholly against this takeover. Arsenal remains too important to be owned by any one person."